Is it possible that an advance for gold of up to 28% from recent lows could occur? Gold’s rally, which took off in earnest a week ago, signaled more to come on Thursday when it pushed above two prior peaks on the daily chart (see below). This indicates a new and healthy trend, according to the proprietary Hidden Pivot Method that we use to trade and forecast the markets.
Notice that with just a little more oomph, the March contract could surpass two additional ‘external’ peaks on the daily chart (below). That would put them within a few ticks of tripping a theoretical ‘buy’ signal, shifting our focus, if not yet our expectations, to the 1434.80 target.
Buyers would still face crucial resistance at the red line, a ‘midpoint pivot’ at 1279.60, but that would become the minimum upside objective once the green line has been exceeded decisively (i.e., by $2 to $3).
Author's note: Subscribers should stay tuned to the chat room, since tradable ideas in this vehicle are getting a pretty good play in real time. If you don’t subscribe, you can still get instant, free access to the chat room, The Scoreboard and all of Rick's daily 'touts' by clicking here for a no-risk, two-week trial subscription.
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